Hangzhou Fuyun Real Estate Co., Ltd. is a wholly-owned subsidiary of Vanke Group. The Puyunfu project developed by Vanke in Hangzhou was developed by Hangzhou Fuyun Real Estate Co., Ltd. Vanke has complete control over Hangzhou Fuyun Real Estate Co., Ltd. and takes it as its own subsidiary to carry out real estate development business. Hangzhou Fuyun Real Estate Co., Ltd., as a wholly-owned subsidiary, has a close relationship with Vanke. As a part of Vanke, Hangzhou Fuyun Real Estate Co., Ltd. will follow Vanke's development strategy and business model to ensure the smooth progress and high-quality delivery of the project. This relationship also reflects Vanke's attention and investment in Hangzhou real estate market.